Stock Market Update
23-Oct-26 12:00 ET
American Express lower after earnings
Dow -491.49
at 52376.70,
Nasdaq +65.22
at 26094.52,
S&P -10.08
at 7653.42
[BRIEFING.COM] The major averages remain mostly lower at midday, with the DJIA (-0.9%) continuing to face the widest loss by a considerable margin as selling pressure persists across much of the broader market.
American Express (AXP 313.34, -11.84, -3.64%) is the Dow's worst-performing component following a disappointing earnings reaction. Despite exceeding adjusted EPS expectations and raising the lower end of its FY26 earnings outlook, the company reported a slight revenue miss and slowing billed business growth. Rising customer-benefit costs also weighed on underlying profitability, overshadowing continued strength in premium-card demand and healthy credit trends.
Separately, CNBC reported that American Express plans to eliminate approximately 5% of its global workforce.
